Tag: battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports.

Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front.

The ongoing spat is a reflection of great power rivalries, political scientist Joseph Nye wrote in a Project Syndicate editorial last month: “It is much more than a typical trade dispute like, say, America’s recent clash with Canada over access to that country’s dairy market.”

Many economists have pointed out that the current dispute is more of a tech war than a tariff war as U.S. President Donald Trump’s administration targets China’s technology sector practices. Beijing’s militarization of the South China Sea and the sovereignty of Taiwan could also be influencing negotiations.

French police fired tear gas, stun grenades and water cannon in battles with “yellow vest” protesters trying to breach security cordons on the Champs Elysees in Paris on Saturday ahead of a third rally against high living costs. Police said 60 people had been arrested amid concerns that violent far-right and far-left groups were infiltrating the “yellow vests” movement, a spontaneous grassroots rebellion over the struggle of many in France to make ends meet. In Paris, masked and hooded protester

French police fired tear gas, stun grenades and water cannon in battles with “yellow vest” protesters trying to breach security cordons on the Champs Elysees in Paris on Saturday ahead of a third rally against high living costs.

Police said 60 people had been arrested amid concerns that violent far-right and far-left groups were infiltrating the “yellow vests” movement, a spontaneous grassroots rebellion over the struggle of many in France to make ends meet.

For more than two weeks, the “gilets jaunes” (yellow vests) have blocked roads in protests across France, posing one of the largest and most sustained challenges Emmanuel Macron has faced in his 18-month-old presidency.

In Paris, masked and hooded protesters picked up and hurled crowd barriers and other projectiles in running battles with police on and around the world famous Champs Elysees boulevard.

Others erected their own barricades and set them alight in some of the streets adjacent to the Champs Elysees.

Three policemen and seven protesters had been injured, spokeswoman Johanna Primevert said.

“The thugs are a minority and have no place in these demonstrations,” government spokesman Benjamin Griveaux told LCI television.

Several hundred yellow vests sat down under the Arc de Triomphe at the top of the Elysees, singing La Marseillaise, France’s national anthem, and chanting, “Macron Resign!”

On the facade of the towering 19th-century arch, protesters scrawled in big black letters: “The yellow vests will triumph.”

The health regulator will work directly with the companies to expedite the development and review of their devices in a manner similar to the agency’s Breakthrough Devices Program, which fast-tracks the review of certain products. Over 72,000 Americans died from drug overdose last year, including illicit drugs and prescription opioids, with President Donald Trump declaring the opioid addiction crisis a public health emergency. The FDA received over 250 applications for the innovation challenge,

The health regulator will work directly with the companies to expedite the development and review of their devices in a manner similar to the agency’s Breakthrough Devices Program, which fast-tracks the review of certain products.

Over 72,000 Americans died from drug overdose last year, including illicit drugs and prescription opioids, with President Donald Trump declaring the opioid addiction crisis a public health emergency.

The FDA received over 250 applications for the innovation challenge, which seeks to prioritize the approval of novel medical devices including digital health technologies such as mobile medical apps.

Under Commissioner Scott Gottlieb, the FDA has raised the bar for approval of opioid-based painkillers by restricting the distribution and use of these drugs. The agency has also rolled out initiatives to encourage developers of alternative therapies.

“We believe the greatest opportunities for medical devices to help prevent opioid use disorder are devices that could help identify people likely to become addicted, devices that manage pain as an alternative to opioids or reduce the need for opioid medications,” the FDA said in a statement.

Britain’s government stepped up warnings on Wednesday that a “no-deal” Brexit would hammer the economy, but acknowledged that Prime Minister Theresa May’s plan, opposed by many of her own side, would also leave the economy worse off than staying in the EU. The report was seized on by opponents of Brexit, who said it undermined promises that leaving the EU would make Britain, and Britons, more prosperous. The forecasts assumed for the purposes of comparison that there would be no changes to migra

Britain’s government stepped up warnings on Wednesday that a “no-deal” Brexit would hammer the economy, but acknowledged that Prime Minister Theresa May’s plan, opposed by many of her own side, would also leave the economy worse off than staying in the EU.

In a scenario resembling the agreement May has struck with other European Union leaders, national output would be 2.1 percent smaller in just over 15 years’ time than if Britain remained in the bloc, the government said. But if there was no deal, it would be 7.7 percent smaller.

The report was seized on by opponents of Brexit, who said it undermined promises that leaving the EU would make Britain, and Britons, more prosperous.

“It took until this morning for the chancellor (finance minister) to finally admit it: We would be better off staying in the EU,” said opposition Labour lawmaker Alison McGovern.

“He confessed that the government’s deal would bring ‘impediments’ to trade. That means a threat to jobs.”

The forecasts assumed for the purposes of comparison that there would be no changes to migration rules, but that some non-tariff trade barriers would be introduced.

However, perceptions that immigration was too high under the EU’s freedom of movement policy were a key reason why many Britons voted in 2016 to leave the EU.

Assuming there was zero net migration from the EU in the future, the hit to the economy would be bigger: 3.9 percent under May’s deal, and 9.3 percent without a deal.

Trump also said he would go ahead with tariffs on an additional $267 billion in Chinese goods, if he can’t reach a deal with China. He said on consumer goods, like iPhones and laptops , tariffs could be 10 percent to temper the impact on consumers. Apple’s Monday afternoon rebound helped lift the broader market to close near highs, Hogan said. On Monday, Apple did more than one flip flop during the trading day. “Apple did a stealth reversal today where sellers tried to break it below Friday’s lo

Trump made the comments in an interview with the Wall Street Journal, in which he said he expects to raise tariffs on $200 billion in goods to 25 percent from the current 10 percent. He said it was “highly unlikely” he would hold off as China has requested.

Trump also said he would go ahead with tariffs on an additional $267 billion in Chinese goods, if he can’t reach a deal with China. He said on consumer goods, like iPhones and laptops , tariffs could be 10 percent to temper the impact on consumers.

“I don’t know if it’s tough talk before sitting down, before negotiating or not, but it’s the most hawkish he’s sounded on the ability to get a deal done,” said Art Hogan, chief market strategist at B. Riley FBR.

Hogan said Apple was hit by the news in afterhours trading, but the entire market could react as well since traders have been hoping for a ceasefire when Trump meets China President Xi Jinping later in the week.

“Apple fell and put a lid on some of the market’s gains, but when it reversed at midday, it helped lift the market to close at the highs of the day,” said Scott Redler, partner with T3Live.com.

The S&P 500 rose 1.5 percent, closing near the day’s high at 2,673. Apple was up 1.3 percent at $174.62.

“Apple did a stealth reversal today where sellers tried to break it below Friday’s lows,” said Redler. “Once it stabilized and reclaimed $172.10, the market got stronger, tech started to make new highs and Apple closed pretty well, which doesn’t mean it’s out of the woods but it did relieve some pressure.”

In a blow to Campbell, investor advisory firm Institutional Shareholder Services came out in support Wednesday night of activist firm Third Point’s efforts to put five of its nominees on the soup company board. Still, Campbell remains very much a family company, with descendants of the soup company’s founder retaining a significant stake. Campbell Soup heirs who hold roughly 41 percent of the company’s shares have already come out in support of Campbell. Three descendants currently sit on the Ca

In a blow to Campbell, investor advisory firm Institutional Shareholder Services came out in support Wednesday night of activist firm Third Point’s efforts to put five of its nominees on the soup company board.

In the ruling, ISS criticized the soup company for poor performance, which it said “appear directly linked to shortcomings in the company’s acquisition strategy, poor execution of mergers and a lack of focus on the company’s core business.”

ISS is typically an influential guide on how institutional shareholders should vote. Still, Campbell remains very much a family company, with descendants of the soup company’s founder retaining a significant stake.

Campbell Soup heirs who hold roughly 41 percent of the company’s shares have already come out in support of Campbell. Three descendants currently sit on the Campbell board.

Nonetheless, ISS pointed to a number of missteps it said the company made under its current board, underlined by its financial performance. The company delivered a roughly 19 percent total shareholder return over the last two years, while the S&P 500 has nearly tripled in the same period.

“Given the board’s subpar oversight of critical issues such as M&A and succession planning, shareholders may wonder whether the incumbent board is capable of steering Campbell back on track in a timely manner,” according to the ruling.

Campbell is currently unwinding efforts to diversify into fresh foods, selling brands it spent more than $1 billion on under the leadership of former CEO Denise Morrison. After struggles due to their inexperience with fresh food and an ill-timed drought, its fresh food unit posted an operating loss of $7 million last quarter.

Meantime, Campbell’s $6.2 billion acquisition of pretzel and chip company Snyder’s-Lance more than tripled the company’s debt burden and brought with it a business that will be challenging to integrate.

The soup company, continues to stand by the deal — interim CEO Keith McLoughlin told analysts in August that the company is “even more convinced of the growth prospects and synergies.”

ISS also raised questions about Campbell’s dedication to its dividend, despite its poor financial performance.

“Maintaining the dividend may prove to be the right decision, though it raises the question of whether the board, which currently includes three members of the founding family, is truly considering all options,” the ruling stated.

Third Point — which recently trimmed its board nominees from twelve to five — has nominated Sarah Hofstetter, president of Comscore; Bozoma Saint John, chief marketing officer of entertainment conglomerate Endeavor; Kurt Schmidt, a former director and CEO of Blue Buffalo; William Toler, former CEO of Hostess Brand and Third Point executive Munib Islam.

Campbell spokesman Thomas Hushen said in a statement Wednesday night the company strongly disagrees with ISS’s conclusion.

“The Campbell board consists of 12 members, 11 of whom are independent and four of whom have been added since 2016,” Hushen said.

The board combines the necessary skills — including a strong mix of industry experience, operating expertise, long-term shareholder perspectives, financial acumen, and global public company experience — needed to provide the proper oversight and strategic guidance on a variety of diverse consumer and business needs amid rapid changes in the food industry.

Interim CEO McLoughlin said last week the company proposed adding two of Third Point’s nominees to its board, Kurt Schmidt and Sarah Hofstetter. McLoughlin said Third Point rejected that option.

“Nobody knows how the trade war will end. “The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC. He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added. Both meas

“Nobody knows how the trade war will end. There’s a lot of fear and panic in the financial market and worries about trade”

Most trading between the two currencies takes place on the spot market, where dollars and yuan change hands as soon as a deal is done. That sort of market has seen volumes surge this year for the currency pair. But futures trading — where the transaction is agreed to take place at a later date at a certain price — is also increasingly catching dollar-yuan traders’ interests, according to Benjamin Lu, an investment analyst with Singapore brokerage Phillip Futures.

“The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC.

He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added.

Within China’s mainland borders, the yuan’s price against other currencies is tightly controlled by the People’s Bank of China, while the so-called offshore yuan represents the currency’s value in markets beyond Beijing’s control. Both measures of the yuan have declined against the dollar recently as China’s economy faces headwinds from Beijing’s trade war with Washington, and as the greenback strengthens on the back of robust U.S. growth.

Apple is not in talks to settle its $7 billion legal dispute with mobile chip maker Qualcomm, a person familiar with the matter tells CNBC. Reuters earlier reported on Wednesday that Apple was preparing for trial. “There is absolutely no meaningful discussion taking place between us and Qualcomm, and there is no settlement in sight,” a person familiar with the matter told Reuters. In the past, Apple used Qualcomm’s modem chips in its flagship iPhone models to help them connect to wireless data n

Apple is not in talks to settle its $7 billion legal dispute with mobile chip maker Qualcomm, a person familiar with the matter tells CNBC.

Reuters earlier reported on Wednesday that Apple was preparing for trial.

“There is absolutely no meaningful discussion taking place between us and Qualcomm, and there is no settlement in sight,” a person familiar with the matter told Reuters. “We are gearing up for trial.”

In the past, Apple used Qualcomm’s modem chips in its flagship iPhone models to help them connect to wireless data networks. But early last year, Apple sued Qualcomm in federal court in San Diego, alleging that the chip company’s practice of taking a cut of the selling price of phones as a patent license fee was illegal.

Qualcomm denied the claims and has alleged that Apple owes it $7 billion in unpaid royalties.

The case is to go to trial early next year and has spawned related legal actions in other courts around the world. Qualcomm CEO Steve Mollenkopf has said the company expects an out-of-court settlement.

President Donald Trump told Axios he is planning to terminate birthright citizenship, potentially setting up another constitutional standoff. Trump said Monday he will sign an executive order that would remove the right to citizenship for babies of noncitizens and unauthorized immigrants born on U.S. soil. “It was always told to me that you needed a constitutional amendment. You don’t,” Trump said in the interview by Axios on HBO, the news site’s new documentary series. It’ll happen … with an

President Donald Trump told Axios he is planning to terminate birthright citizenship, potentially setting up another constitutional standoff.

Trump said Monday he will sign an executive order that would remove the right to citizenship for babies of noncitizens and unauthorized immigrants born on U.S. soil.

“It was always told to me that you needed a constitutional amendment. Guess what? You don’t,” Trump said in the interview by Axios on HBO, the news site’s new documentary series.

“We’re the only country in the world where a person comes in and has a baby, and the baby is essentially a citizen of the United States … with all of those benefits,” Trump said. “It’s ridiculous. It’s ridiculous. And it has to end.”